In October 2021, Shiba Inu went parabolic as the price of meme token increased +1000% within a month of its trading days. The now known as Dogecoin killer's phenomenal rise in price made traders and investors gain profits and SHIB became popular in the crypto space. Since then, the meme currency has attracted thousands of investors and a place in the list of cryptocurrencies in top exchanges across the world.
Moreover, the demand for the 15th most popular cryptocurrency as per CoinMarketCap remains constant despite it being -72.35% from its all-time high five months ago on October 28, 2021 when it was trading at a price of $0.00008845.
The meme token has been accepted as a legal payment option by businesses around the world as it is receiving widespread adaptation. Recently, an online coffee store in Venezuela started accepting SHIB as legal payment through its check out page.
According to a report in WatcherGuru, the meme currency is gearing up for a breakout and could see another bull run as it did in October 2021. A bull run is what SHIB need to begin its ascending journey as its developments go hand-in-hand in order to scale up its sustainably.
Moreover, Shibarium, the layer-2 solution of the SHIB ecosystem could play a major role in repeating Shiba Inu's October 2021 bull run. It has been reported that when the SHIB team announces a tentative release date for the launch of Shibarium this year, the time period till the launch could see Shiba Inu's price go paraboli.
The news of Shiba Inu having its own blockchain layer-2 network could lead to the meme token reaching a new all-time high. Shibarium's launch will help the meme token scale up in price sustainably making it no longer dependent on social media hype.
Shiba Inu Current Price
At the time of publishing, Shiba Inu (SHIB) was trading at $0.00002446, which is down by -2.03% at a market cap of $13,428,968,673 in a 24-hour period while the world's number one cryptocurrency Bitcoin (BTC) was trading at $44,407.79, down by -0.31% in a day's trade.